BERWYN, Pa.--(BUSINESS WIRE)--
Triumph Group, Inc. (TGI) today announced the completion of the previously announced acquisition of the hydraulic actuation business of GE Aviation. The acquired business will operate as Triumph Actuation Systems-Yakima and Triumph Actuation Systems- UK & IOM. The business is expected to add approximately $180 million in annual revenue and to be immediately accretive to earnings. The purchase price was approximately $70 million.
Employing approximately 475 employees, the business is a technology leader in actuation systems and does extensive business with Boeing, Airbus and other major airframers. Key product offerings include complete landing gear actuation systems, door actuation, nose-wheel steering, hydraulic fuses, manifolds, flight control actuation and locking mechanisms for the commercial, military and business jet markets.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “We are pleased to have acquired Triumph Actuation Systems-Yakima and Triumph Actuation Systems-UK & IOM. Through this acquisition, we obtain additional proprietary systems that augment our existing hydraulic system capabilities and an outstanding group of employees. In addition, this acquisition furthers our strategic goal of increasing our global footprint, optimizing our segment and customer balance, and positioning ourselves for future growth. We are also pleased that the existing management team will remain with Triumph.”
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties which could affect the company’s actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company, including statements of expected revenues or accretion to earnings. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group’s reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
- Mergers, Acquisitions & Takeovers
- Airline Industry
Sheila G. Spagnolo
Vice President, Tax & Investor Relations